An analyst reaffirmed that the market generally becomes “significantly volatile” in the lead up to Bitcoin’s halving.sharply corrected during early Asia hours on Tuesday, plunging 5.7% to as low as $66,000.
The sudden retracement triggered liquidations worth $200 million from the entire crypto market in the last four hours, as per AMBCrypto’s analysis of Coinglass’ data.The dip also caused the majority of BTC derivatives traders to turn bearish on the asset.fell sharply below 1 in the last few hours until press time, indicating a sharp increase in bearish leveraged positions.
Typically, risk-based markets such as cryptocurrencies and equities interpret such events as a lower likelihood of the U.S. Federal Reserve cutting interest rates.ReadThakral, however, reaffirmed that the crypto market generally becomes “significantly volatile” in the lead up to Bitcoin’s halving. Hence, participants could brace for more ebbs and flows over the next two weeks.
The market sentiment was one of “extreme greed” at press time, according to Hyblock Capital’s data. This could accelerate buying pressure in the days to come, helping Bitcoin push further north.
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